Dogecoin’s popularity, based in part on Elon Musk’s public endorsement, is often thought of as the origin of meme coins.
That’s even though DOGE was one of the first ever alt coins that came to existence years ago. It was created as a joke though, and as all other memecoins it has very little in the way of actual use cases. Their price depends solely on the “hype” factor.
Good news is that Shiba Inu now supports cold staking after the 2022 round of Ethereum network upgrades. More on staking SHIB here but the place to stake Shiba Inu with highest staking rewards is Binance.com.
What Is Shiba Inu (SHIB)
Shiba Inu is the most popular meme coin after Dogecoin. It was created by an anonymous person known as Ryoshi and launched in August 2020 on Ethereum’s blockchain, but it really only started getting traction in May of 2021. It got so popular, in fact, that by March 2022 it would gain more than x1000 it’s fiat value year-on-year.
The true identity of the creator(s) is still unknown. Whether it’s a group of people or an individual, the SHIB coin was clearly meant to challenge Dodgecoin’s position.
- As of May 5th 2022, SHIB stands at $0.000021, down 75% from its all-time high price of $0.000076 late in 2021.
- DOGE stands at $0.13 on May 5th 2022, down 60% from it’s all-time high of 0.33 in May 2021.
Is Shiba Inu a good altcoin to buy?
If you are a skilled trader, Shiba Inu may still get you rich, but make no mistake about it - meme coins like SHIB or APE are only good for short term gains.
The problem with SHIB is that it runs only on hype, but doesn’t seem to be getting endorsed by the big names, save for one speculative covert mention by Musk. But the Shiba Inu coin became a hit regardless. You don’t even have to wonder what wallet holds SHIB. While some SHIB clones like AKITA or BABYDOGE haven’t managed to rise to such levels of popularity, SHIB is now a widely adopted coin and still rising in popularity.
As a trader, you’d still be missing out if you didn’t consider short-term trading SHIB.
So if you really want to try your hands at low-cap crypto trading with SHIB, then exit your position as soon as you make meaningful gains - you might want to try one of the manual scalping strategies here.
The pros of trading SHIB
There’s no going around it - SHIB is a meme coin. It’s playing off of Dogecoin’s popularity and one Elon Musk’s vague tweet about Shiba Inu referring to the dog breed but to Musk’s followers, suggesting endorsement of the coin.
Can buying Shiba Inu make you rich? Sure, if you sell in time. Meme coins, as a rule, don’t have any meaningful use cases, but their price sometimes explodes.
That’s why they are sometimes called the “penny stock crypto”. It is a reference to their fiat value, which is typically less than a penny a piece, but at the same time it points to penny stock trading - penny stocks behave the same way in that their value sometimes explodes.
In the economic environment they occupy more or less the niche of the Tulip mania. A lot of people falling for one unsound investment at the time means some do get filthy rich off of it, but it also means many are left holding the bag.
Where to Buy Shiba Inu Coin
- SHIB is present on most larger cryptocurrency exchanges such as Binance, Coinbase, Bitfinex, FTX, etc.
- No-KYC custodial exchanges like Bitforex and Phemex also trade SHIB - more than that: Memecoins, penny crypto and trading contests on meme markets are the specialty of those two exchanges.
- Decentralized exchanges Uniswap and Kine are also good for Shiba Inu coin exchange. Kine has low SHIB fees for a DEX - flat 0.05%. That’s great for trading.
- We can also buy shiba coin directly from Trust Wallet.
Buying on exchanges is easy, so we’ll just list how to buy SHIB through the Binance-owned Trust Wallet here.
Where to stake Shiba Inu Coin
Shiba Inu now supports locked (cold) staking since the latest round of ETH network upgrades. More on staking SHIB here but the place to stake Shiba Inu with highest staking rewards is Binance.com.
- To access SHIB staking on Binance, click this link which takes you directly to the list of locked staking coins. Then type SHIB into the search bar on the left.
How to Buy SHIB with Trust Wallet
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First off, you need to have Trust Wallet installed and set up.
If this is your first time buying or depositing SHIB, add SHIB from the available list from the top right corner. Shiba Inu will appear as Shiba Inu ERC20.
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To buy Shiba Inu coin in an un-hosted wallet will need you to have some Ethereum.
SHIB is an Ethereum token, so you need ETH even to just receive the SHIB token as well.
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So, first make sure you have enough ETH.
You will need it both for buying Shiba Inu crypto and the gas fees. We will be buying SHIB for ETH, so get enough ETH for the SHIB as well as for the gas fees.
- If you have a Binance account, you will probably just get ETH there.
- If you want to buy ETH with lower trading fees, there’s FTX.
- If KYC is something you don’t care for, there’s Bitforex for a classic crypto no-KYC exchange or LocalCryptos for a zero-knowledge P2P decentralized app.
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Once your Trust Wallet has enough ETH to buy SHIB in the amount you desire, navigate to DApps tab in the Trust Wallet and select Uniswap Exchange in the DeFi category.
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Connect your wallet. You will see the coin swap dashboard right away.
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In the coin swap dashboard, pick ETH as the coin in the top box.
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In the box below put the coin we are exchanging ETH for, which is SHIB.
The easiest way is to search for SHIB and then “import” it. If you are having trouble with that you can also simply paste SHIB’s contract address, which is:
0x95ad61b0a150d79219dcf64e1e6cc01f0b64c4ce -
Now enter the amount you want to exchange.
Mind that you will still need a bit of ETH for the exchange fee, so don’t be surprised if you can’t use 100% of ETH you got to buy SHIB.
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Now you are ready to perform the swap and buy Shiba Inu, so check the details one last time and simply confirm.
It will take a few minutes to process, but very soon you will see SHIB in your wallet. Good job, you now know how to buy Shiba Inu coin in Trust Wallet.
How to save on gas: One important thing to note that the transaction fee for ETH depends based on traffic. Ethereum’s gas fee varies depending on the number of transactions happening at the same time. Transaction traffic usually slows down between Friday afternoon and Sunday afternoon. If you want to save on fees, plan your transactions for this time of the week.
Final words: What to do with SHIB after you buy
Be sure to follow all the crypto news closely if you decide to invest in Shiba Inu coin and don’t get too greedy. SHIB is a good short term investment but remember that it is just a memecoin and the social media hype is fickle.
SHIB can now newly be staked. The best staking rewards for locked staking of Shiba Inu are on Binance. Check the rates here: click this link which takes you directly to the list of locked staking coins.
Good luck out there!